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DO I NEED TO REFINANCE HOME TO ADD MY WIFE TO MORTGAGE

Posted on: 13th Jul, 2009 04:24 pm
my wife has a quit claim on the house, but she isn't on the mortgage aspect. the mortgage payment has been coming out of her checking account ach for a long time. what i want to know is will this cause a problem for her at the time of my death ?

i don't want to refinance when i've paid 15 years of interest already and so close to just paying principal. i have wells fargo for the mortgage.
Hi Gertrude,

As there is no mortgage on the property, you can ask your husband's sister to sign a warranty deed and transfer her share of the property to you. When she signs the deed, you can pay off the agreed amount. Your husband's sister can contact a real estate attorney and get the warranty deed drafted. You don't need a loan to get the property transferred in your name.
Posted on: 10th Sep, 2010 12:17 am
Since the agreed amount is $300,000, we planned on getting a mortgage, probably for $200.000. What type of mortgage is recommended in such a situation? Do we need a regular closing? We're in NYC. We're told that a closing is about $10,000. Thanks.
Posted on: 10th Sep, 2010 05:17 pm
hi gertrude,

you can go for a conventional loan. if you want to refinance your mortgage, then you'll have to go for a regular closing. the closing costs will vary from state to state. you should contact other lenders of your area and check out the closing costs they will charge you. this will give you an idea as to which lender you should go for.

thanks
Posted on: 11th Sep, 2010 12:20 am
Using Google to search my question regarding this particular problem...

My wife and I got married 4 years ago and my wife wants my name added into her mortgage account. The home was built by Habitat for Humanity in 1996 for my wife who is disabled.

I called our bank and checked to see if my name can be added into the mortgage account and they stated that the only way to do that is to refinance the account. Our interest rate is 0% and we don't want to lose that in order to refinance.

They also told me that if my wife passes, the mortgage company will then want a full payment on the balance owed or the house will face foreclosure as a result.

What should I do?
Posted on: 15th Nov, 2010 12:33 pm
It is true that you will be able to add your name to the mortgage by refinancing the present mortgage. You should speak to the lender and check whether or not you will be able to maintain 0% interest after you refinance the mortgage. If the lender agrees to it, then you will be able to refinance the loan.
Posted on: 16th Nov, 2010 02:23 am
Well I did that and they said they won't honor the present 0% interest. My wife's previous husband, a jerk, wife beater, control freak, etc. ruined her credit history by racking up all sorts of debts that the collectors is hounding her, so refinancing will be out of the question. Mine is medical bills so I'm out of the equation as well.

This is worrying me, because my wife's health is in the decline and has been for 2 1/2 years. She had a congestive heart failure, renal failure, respiratory arrest and a stroke. Since she's a renal patient and has to go through dialysis 3 times a week. The Renal Doctor explained to us that renal patients have a life expectancy of 2-5 years.

So if anything happens to my wife, the mortgage company stated that they will expect the entire balance to be paid in full or they will foreclose the home. Despite that my wife placed my name in her will as a living estate, meaning I can live here until the day I die, then the house will go to her kids.

But with the mortgage as is, the will be a moot point.

Also, to refinance I am told, most banks or mortgage companies will not refinance if the amount owed is less than 15k, so the current balance right now is less than 13k.

So I am scared and don't know what to do.
Posted on: 16th Nov, 2010 11:55 pm
Hi Neal!

Welcome to forums!

I can understand what you are going through. Unless you refinance the mortgage, your name won't be added to the property deed. If you have friends and relatives, then you can take their help in paying off the loan. You can sign an agreement with them so that you can pay them accordingly later on.

Feel free to ask if you've further queries.

Sussane
Posted on: 18th Nov, 2010 01:23 am
If there was a way to get the current balance owed paid off, what's the next step to get my name on the property deed?
Posted on: 19th Nov, 2010 07:42 pm
Hi Neal,

Once the current loan balance is paid off, you can sign a quitclaim deed and transfer your share of the property to someone else.

Thanks
Posted on: 19th Nov, 2010 10:25 pm
does my wife's collection affect the DTI for buying a house?
Posted on: 08th Dec, 2010 12:16 pm
Hi Guest,

As far as I can understand, if an account has been sent to collections, it will affect your wife's DTI (debt to income) ratio.
Posted on: 08th Dec, 2010 11:51 pm
My fiancee already has a house that is financed. We are getting married in October and want to know how to add my name to the deed without refinancing?
Posted on: 28th Mar, 2011 11:31 am
Hi Fancy!

Welcome to forums!

You can ask your fiancee to add your name to the property deed by signing a quitclaim deed. However, once your name is added to the property deed, there are chances that the lender will ask you to refinance the mortgage along with your fiancee.

Feel free to ask if you've further queries.

Sussane
Posted on: 29th Mar, 2011 12:28 am
i want a co-borrower off the loan i was sent a assumtion package but want to know will a va loan be better to do it
Posted on: 19th Jul, 2012 06:54 pm
i want a co-borrower off the loan i was sent a assumtion package but want to know will a va loan be better to do it
Posted on: 19th Jul, 2012 06:54 pm
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